Richmond is a motley crew of design styles and personalities. While it is only three kilometres from Melbourne’s CBD, its genesis was largely industrial. Its roots are still evident in its many warehouse and silo conversions.

Richmond is home to the MCG and an IKEA, remnants of old factories, divey pubs and fine dining, public housing towers, students, celebrities – and the Earl of Stradbroke.

The earl, an elderly eccentric called Keith Rous, emigrated to Sydney from England when he was 19. He has 15 children, so space was a drawcard when the earl and his wife, Rosie, bought The Malthouse at 45 Lyndhurst Street, Richmond, in the 1990s.

It had been left derelict after a fire in the 1940s, and was restored and turned into a family home by the Rous family. The five-bedroom, four-bathroom house is now on the market.

Who buys

All types live in Richmond, but property prices have forced out most first- and even second-home buyers from the market over the past few years. The suburb is favoured by young professionals wanting to live close to the city.

More than 40 per cent of the residential dwellings in Richmond are apartments and about the same amount of the local population are renters.

A large proportion of homes are semi-detached. There are quieter pockets and laneways lined with charming Victorian cottages and blocks with hundreds of units.

Market overview

Developers small and large keep a close eye on Richmond. Large-scale, off-the-plan projects sold well during the 2010 property boom, and run-down houses on big blocks have been snapped up to make way for compact town houses.

A run-down cottage on a 776-square-metre block sold for $1.6 million at auction in July.

According to the Real Estate Institute of Victoria, the median house price in Richmond is $795,000.

Prices rose steadily in the 12 months from September 2010. The median reached a $875,000 peak in September last year and dropped to about $780,000 in March this year, remaining steady since. The median price for units is $531,000.

In focus

Architect Yurie Tyblewych designed the Rous family home from the ashes of the old malthouse, and it was constructed by the O’Neill Group.

The original malthouse oven has been retained and the exposed bricks and beams are featured throughout. The house is on four levels and there is a separate granny flat above the carport.

There is space for eight cars.

The Malthouse is listed with Jock Langley of Abercromby’s and is expected to sell for about $3 million.